E-Europe反弹回来

Internet euphoria came late to Europe. The crash arrived right on time.

3月份，作为红热的美国互联网公司开始摇摇欲坠，欧洲DOT-COM泡沫也爆发了。蒸发的资金，在线银行鸡蛋等公司的IPO被缩放，而且像在线时尚零售商Boo.com一样的高燃烧器再见。“欧洲的兴奋更大，因为建立了更长时间，而且崩溃更糟糕，”Wavecom的首席财务官Deborah Choate表示，手机和其他设备的硬件组件的法国供应商。

But even a massive market correction - by some measures one and a half times worse than the U.S. technology dive between March and May - didn't deter the venture capitalists, investment bankers and analysts who held to a long-term view. In the World Wide Web they see a revolution in its early, formative stages; the crash, in their view, was a necessary and timely cleansing.

欧洲的数字转型几乎没有开始。大型企业互联网基础架构项目仍然等待建成。欧洲在无线通信中的实质性优势需要充分利用，消费电子商务只开始成为进展。

企业只需要金钱和想象力来追求下一件新事物。建立了公司饥饿，以改造其基本销售方法。企业家寻求种子金钱，希望在线推出明天的美国。Postcrash Shakeouts正在制定并购案候选人，并在崩溃前公开的公司之间的潜在伙伴关系。这就是为什么摩根士丹利Dean Witter最近将来自纽约纽约的全球互联网投资银行露台领导到伦敦，以领导私募股权倡议。和每个公司 - 无论是新的还是新的经济 - 都希望其互联网策略进行了有影响力的分析师。

Opportunity is in the air. The eight individuals we profile on the following pages - financiers who have maintained leadership positions despite the recent bloodletting - embody that optimism.

It's a hard-won enthusiasm. Initial stock offerings in Europe did not really gather steam until after the U.K. portal Freeserve raised $416 million and saw a 120 percent price pop on its first day in July 1999. That was four years after the landmark Netscape Communications Corp. IPO in the U.S. The crash of the less liquid European market was therefore more sudden and precipitous - 60 percent between March and May, according to Donaldson, Lufkin & Jenrette's Internet stock index, versus 42 percent in U.S. Says Stewart Dodd, chief executive officer of Brainspark, a London-based incubator of high-tech start-ups: "As recently as the first quarter, big venture capital firms and incubators looked to Europe as their next phase of growth. Then suddenly, we had those terrible stories, and a lot of it dried up." By late summer, Net stocks on both sides of the Atlantic were 6 percent to 15 percent higher than their May lows, depending on what index you follow.

Some people got lucky. Investment banking refugee Dodd - he had built the technology department of Westdeutsche Landesbank before taking a headlong dive last year into the Internet - got in under the wire with a $30 million IPO before the worst of the market rout in early April. On top of a previous $20 million financing led by Cross Atlantic Capital Partners, a Radnor, Pennsylvania-based firm with a $120 million transnational investment fund, the deal inoculated Brainspark and the 17 upstarts under its roof from troubles that afflicted others with less fortunate timing.

In June Nasdaq- and Nouveau Marché-listed Wavecom raised $100 million in a secondary offering managed by Thomas Weisel Partners. (The French company's $43 million IPO in June 1999 was led by Credit Suisse First Boston, whose Internet banking chief, Marc Odendall, is among those spotlighted in these pages.) Wavecom's wireless cachet helped. "Europe is ahead in that area, which could allow the Internet to develop very quickly," says Choate.

在欧洲股票的青睐中工作的一个因素是欧洲的投机泡沫从未膨胀到美国尺寸。欧洲的互联网股票少于美国罗伯森斯蒂芬斯国际，欧洲名称在溢价中贸易 - 无论是每位注册用户的估值和估计的2001年销售额 - 对手。

复兴的迹象比比皆是：

• Robertson Stephens最近设定了一个互联网私募纪录，由欧洲最大的电话簿出版商的意大利座位Pagine Gialle（意大利的座位Pagine Gialle）安排了1.5亿美元的投资，占U.K.的40.7％。
• 回顾德国LINOS的IPO价格POP，德国LINOS向互联网公司的带宽技术供应商，在9月1日在法兰克福诺伊尔Markt筹集4400万美元后，它的股票价格为四倍。（其铅笔承销商是汇丰Trinkhaus＆Burkhardt和Norddeutsche Landesbank Gizentrale。）
• Retail online trading, which helped fuel the European stock run-up, is not subsiding, and neither are the brokerage firms' valuations. Direkt Anlage Bank of Germany agreed on September 13 to buy French online brokerage Self Trade for $783 million - a 21 percent premium over the market price, equal to $22,000 for each of Self Trade's 30,000 customers. Direkt Anlage itself is trading at 345 percent above its November 1999 IPO price, giving it a market value of $2.8 billion.
• 私募股权数十亿美元在欧洲管道。Although CMGI of the U.S. recently canceled efforts to raise $1.5 billion jointly with Hicks, Muse, Tate & Furst and Hong Kong-based Pacific Century CyberWorks, that would be more than offset by billion-dollar or bigger Europe-focused funds in the works from Chase Manhattan Corp.'s Chase Capital Partners in New York, German media giant Bertelsmann, and Apax Partners & Co. and Schroder Ventures, both of London.

所有这些兴奋都不会带回投资银行家，也有一些美国重点的勇气。欧洲电子银行的两位院长，CSFB的Odendall和Goldman Sachs International的Paul Harvey都与CSFB的硅谷的科学大师合作。除了搬迁Porat外，摩根士丹利还试图重复其顶级美国互联网分析师玛丽美味群岛的成功，曼德·米尔德伦敦的迈克尔·斯蒂布。

银行家已经撇开了他们的偶尔灾难。例如，哈维，例如，荷兰公司在网上监督世界的IPO，本副总裁Nina Brink在发售之前卸载了股票。意大利的Tiscali上个月同意在线购买陷入困境的世界IPO价格 - 仍然是50亿美元的相当大。

On the upside, Harvey and his team retain the credit for winning IPOs like those of T-Online International and Terra Networks, spin-offs of Deutsche Telekom and Spain's Telefónica, respectively. They took public the U.K. infrastructure provider Bookham Technology, which has more than doubled its April IPO price and did a $675 million secondary offering in September.

Analysts like Derek Brown of Robertson Stephens are talking up European companies as superior to their competitors across the Atlantic. He shares others' enthusiasm for Internet infrastructure companies, including Bookham; Linos; Zeus Technology, a Brainspark offshoot that recently opened two U.S. offices; and U.K. payments security company Baltimore Technologies. The Europeans tend to be "better equipped for a global rollout than their U.S. peers because they've had to develop software and technology requiring complex multilingual and multicurrency functions," Brown says.

To be sure, the European Internet market is not nearly as mature - nor has it suffered as many hard knocks - as its American counterpart. Europe is just beginning to get beyond the business-to-consumer stage and into what could be a more lucrative and stable B2B phase. When the spring storm struck, the U.S. had already gone through B2C, and B2B stocks were peaking. And although Europe may have a wireless advantage - 350 million cell phones, compared with 100 million in the U.S. - those devices may not soon replace personal computers for Web surfing. Europe may well begin to drift in the home-PC direction. DLJ says that 100 million Europeans are using the Internet, up from 70 million last year, and that sometime next year Europe's Net population will outnumber the U.S.'s, 135 million to 126 million.

在技​​术和商业模式的这种快速变化中，可能只有一个业务确定性：资本需求。这为非洲大陆的孵化器和天使投资者，风险资本家和投资银行家的每一个原因都要继续抛出金钱 - 和范式。

Paul Harvey，Goldman Sachs International

Paul Harvey，Goldman Sachs International的欧洲技术董事总经理可能是该地区的互联网投资银行家正在衡量的基准。由于他参与其中一个最大的互联网股票扩张，他也是最具诽谤的。

37岁的哈维被网站世界在线训练，欧洲记录破碎了28亿美元的IPO，高盛在3月中旬领导。它是23倍超额认购的，并看起来是一个大片，但股票在开口的几天内像岩石一样掉落。虽然大量的互联网股是迷恋，但世界在线是不同的。令人尴尬的披露表明，首席执行官Nina Brink在IPO之前销售股票。激怒投资者提出了对Goldman Sachs和Co-Lead Underwriter ABN Amro Bank的诉讼，并于4月辞职。9月份，当意大利互联网服务提供商Tiscali同意以50亿美元的价格在线获得世界时 - E20的每股价格（17美元）在I43届的IPO - 高盛和美林林国际议员顾问。

Still, Harvey and his 70-person team of bankers, analysts and salespeople have won more Internet investment banking mandates than anyone else in Europe. An American who grew up in Switzerland and decided on his career path as a teenager when caddying for bankers there, Harvey started shepherding high-tech deals in 1993 for Morgan Stanley Dean Witter in London. His boss was Frank Quattrone, a technology banking legend known for both deal making and for his proclivity to change firms. When Quattrone moved to Deutsche Morgan Grenfell in 1996, Harvey followed. Harvey went his own way, to Goldman, in 1998. He describes his investment banking formula as "Small to big. The way to maintain market dominance is to do big blue-chip deals while also doing deals for small, innovative start-ups."

At the high end, Harvey's long-standing relationships with Deutsche Telekom and Spain's Telefónica landed mandates this year for the IPOs of their respective Internet subsidiaries, T-Online International and Terra Networks. Harvey's focus on start-ups attracted Bookham Technology, a U.K. Internet infrastructure company. All three are among the most successful IPOs of the year, trading above their issue prices. "Almost no one can offer the sales support of Goldman Sachs," says one satisfied client. Yet it may take some time to live World Online down. "Our prospectus accurately reflected all available information," says Harvey. "Unfortunately, prices had reached a peak - and stock market sentiment is everything."

Marc Odendall，瑞士信贷第一波士顿

Marc Odendall brings a passion for speed - call it Internet speed - to more than one aspect of his life. A man who can devour a book in a day, the head of Credit Suisse First Boston's European technology group takes credit for setting off Europe's Internet IPO wave when he pushed to get his client past a London Stock Exchange rule that prohibited listings of new companies. Freeserve, an Internet portal, was only ten months old in July 1999, but Odendall argued successfully that it should not have to show the exchange's mandated three years of revenues.

其他IPO，遵循4亿美元的协议，包括9000万美元的在线拍卖师QXL.com。FreeServe是溢价93％的发行价格，并为CSFB提供了帮助它找到买方的任务。QXL is down 68 percent because of skepticism about its ability to compete against eBay and Amazon.com of the U.S., but CSFB assisted QXL on two acquisitions - the $560 million purchase of the Swedish auction service Bidlet in March and the proposed $940 million deal for the German auction site Ricardo.de. It also advised on Terra Networks' $12.5 billion acquisition of U.S. portal Lycos.

与他突出的美国弗兰克Quattrone，Odendall和100多名同事于1998年从Deutsche Morgan Grenfell逃到CSFB。在英国媒体被称为“银行家到DigeraTi”，Odendall，42岁，喜欢将自己描绘成终极互联网内幕。他和他的团队与伦敦私募股权公司Apax Partners＆Co.和法国零售商和企业家Bernard Arnault的欧洲@ Web投资车辆有工作关系。“这是一个非常快速的环境，只有几名球员，每个人都在与大家交谈，”Odendall说。“作为一名投资银行家，您要么靠近互联网公司，一直与他们交谈，但是您的各种交易可能性，或者您不是一个因素。”在东京长大的Odendall并拥有双德国 - 德国公民身份，表示股价波动是互联网公司的绊脚石最大的绊脚石，这些公司希望通过合并批量批量。“你可以获得交易的唯一方法是提供了如此有吸引力，即使市场波动也不会影响它们，”他解释道。“无论是美洲，欧洲还是亚洲，只有市场领导者就可以这样做。”

Michael Steib，摩根士丹利Dean Wetter

去年年初，当摩根士丹利Dean Witter高管正在仔细考虑欧洲互联网成功的方法，他们选择了熟悉的技术。他们要求伦敦是一家32岁的技术投资银行家迈克尔斯蒂博，编辑欧洲互联网市场的大规模报告，在1995年的研究中，摩根士丹利着名的互联网分析师玛丽互联网分析师meeker。她的报告说，德国出生的斯蒂布说，“是我们美国特许经营权的基础。我们看到有机会在这里用同样的突破性报道出来。”1999年6月出版，Steib的316页“欧洲互联网报告”将网上的影响从软件到食品零售业的影响，并击中了黄金。在金融时报和华尔街日报的全文广告中排斥，在第一天下载了27,000次，它在摩根士丹利网站上发布了27,000次。The firm moved Steib to New York for ten months to work alongside Meeker, and soon he was pulling in important European mandates, such as the $198 million IPO for U.K.-based Internet discounter lastminute.com and the $417 million IPO of Swedish online recruiter StepStone. Both deals were oversubscribed more than 40 times before coming to market on March 13. Morgan Stanley increased those stocks' price targets by about 40 percent within two days of the offering date. But then came the Internet crash, and by month's end both stocks were more than 40 percent below their issue prices.

“我们的工作在定价当天没有结束，”STEIB说，在Lastminute.com和Stepone上销售基金管理人员的手机（两者领先于收入预期，而是预计至少两年的利润）并组织道路显示管理层直接恳求案件。截至9月中旬，Stepstone是14％以下的发行价格，尽管它在夏天的大部分地区都处于正面领域。Lastminute.com萎缩了58％以下。结果没有阻碍Steib的交易制作。他处理了19亿美元的法国互联网服务提供商WANADOO的摩托，其超额赞定了30次，9月中旬以上的发行价格超过3％。

Peter Englander，Apax Partners＆Co.

彼得英国人在伦敦Apax Partners＆Co.的办公室是许多渴望互联网企业家的第一个停止，因为私募股权公司有一个轨道记录。1996年，它将250万美元的价格投入到U.K. Web软件涉及自动化公司，两年后成为欧洲首次公开引用的互联网股票。Apax保留的11.8％的股权 - 它在5月份销售了4％ - 已攀升至7亿美元的价值，从Brussels在Easdaq交换中列出了自治权时，从1270万美元。自主权为在互联网上进行组织和分类信息的软件，是英格兰德在过去两年监督的欧洲互联网投资组合中的27家公司之一;其中，他已经卖了五个赌注。虽然没有透露回报，但我们列入或销往战略收购者的所有公司都表现得很好，“英格兰德，一名拥有博士学位的48岁的前化学工程师说。在伦敦商学院的技术创新中。

英国人为这些收益分享了信贷。他与合作伙伴John McMonigall进行了自主交易。与Michael Chalfen和Richard Wilson合作，Englander在1998年7月在伦敦证券交易所上市的互联网安全技术提供商中享有巨大的回报。它现在推出其价格的三倍。Apax也是First-e的支持者之一，泛欧洲网上银行，七月七月七月收购的E15.8亿美元（13.5亿美元）的Banco Bilbao Vizcaya Argentaria。APAX的美国风险投资公司帕特里夫＆Co.Patricof＆Co.Patricof＆Co.Patricial。欧洲在线拍卖网站的QXL.com也没有对此，现在是1999年10月的68％的IPO价格。

But outside observers are upbeat about Apax because its plays are mainly in Internet infrastructure, e-finance and business-to-business, which "have resisted the market's undertow," says Nick Gregg, a Donaldson, Lufkin & Jenrette Internet analyst in London. Apax hit all of those bases in September with its biggest deal, a $30 million private placement in bolero.net, an offshoot of the Swift international banking network that seeks to automate B2B trade documentation. Bolero.net chief executive Barry Morse saw the involvement of Apax as "a tremendous vote of confidence in our business model." Englander's experience "means entrepreneurs are willing to give him the right of first refusal on financing their companies," says a competitor at the investment firm Broadview International in London. And since he has at least $860 million available for technology investments, on top of the $688 million already placed, many more Web-business hopefuls will be beating a path to his door.

Derek Brown，Robertson Stephens International

当德里克布朗于1994年在忠诚投资的伦敦办事处申请了分析师的工作时，他不知道价格收益比例是多少。没关系。最近的剑桥大学历史毕业后，他的面试官留下了深刻的看法，通过辨认出高级。他将目前的帖子作为伦敦罗伯逊斯蒂芬国际互联网分析师带来同样的酷炫态度。“当我们的投资银行家提出IPO或合并时，我的工作是如果不好，那么如果不是好的，那么如果它不好，这项交易是Flyswat，”这家公司14个月的14个月的资深人士说。“我想要的最后一件事是让我们出售我不相信的东西。”

He has believed in enough proposals to support a steady deal flow for his firm, which has tripled its European staff over the past year, to 165 people. It aims to become one of the region's top five Internet banks, as it is in the U.S. Brown identified and helped bring to market the $112 million IPO of French e-commerce software company Integra in December, and the $194 million IPO of German Internet portal Web.de in February.

布朗的想法直接影响了欧洲最大的互联网折扣零售商Letsbuyit.com的7月Ipo。他建议今年，启动从媒体公司英国天空广播集团和德国ProSeben媒体迈出股权投资。“与这两家公司的整合前景使LetsBuyit.com的IPO成为可能，”布朗说。它提高了E62.3百万美元（5350万美元），并在第一周的艺术中占据了诺伊尔Markt的股份。挥发性股价目前交易5％以下，仍然优于今年大多数欧洲互联网零售IPO的30％ - 加上下降。

在业余时间演奏打击乐，民间吉他和钢琴的布朗表现出早期的股票采摘能力。对于富达，他开始跟踪欧洲的第一个互联网股票，英国网络软件公司自治公司，在1998年7月的IPO中的运行中。它的市场估值已攀升至59亿美元，从1.25亿美元。

Brown's contrarianism carries over to out-of-favor retailing stocks. "Consumer e-commerce was stifled even before it got off the ground in Europe because of the downward momentum in the U.S.," he says. "But many are hitting or exceeding targets and have adjusted their business models to reduce cash burn. We think their results will be better than expected."

米兰·雷亚岛，瑞银瓦斯堡

米兰拉迪亚,28岁,瑞银华宝的一部分s Internet team only since December, is approaching superstar status on the strength of one deal. He handled the $60 million initial public offering in June of Orchestream, a London-based communications provider that integrates fixed-line, wireless and Internet channels. With the stock recently trading 229 percent above its 185 pence ($2.78) offering price, Orchestream is Europe's best-performing Internet IPO since the market slide began in March. It is an Internet infrastructure play, and Radia wants to bear down exclusively on that specialty, in contrast to other banking teams that tend to generalize. (Colleagues on an Internet portal team and Dutch-based analysts led UBS Warburg's advisory role in the Italian portal Tiscali's $5 billion agreement to buy troubled World Online, announced in September.) "Radia is one of Europe's few specialists in what is emerging as one of the hottest Internet areas," says a London-based fund manager. Says Radia of Orchestream, "Its software prioritizes and regulates traffic on the integrated networks that will increasingly become the norm in data and voice transmission." He says he has two more IPOs in the pipeline.

剑桥大学经济学毕业生d to UBS Warburg in London after five years as a money manager for the U.K.'s Prudential Portfolio Management, Radia worked Orchestream hard. He issued an exhaustive premarketing report documenting what he viewed as enormous potential, then pitched the IPO to more than 100 fund managers in the U.S. and Europe. He timed the listing to follow on the heels of a Red Herring magazine survey that placed Orchestream among the "50 Private Companies Most Likely to Change the World."

仍然，Orchestream似乎有点估价。根据Radia的估计，它的市场上限为9.86亿美元的售价超过去年其业务的所有公司所赚取的4.8亿美元收入。他更喜欢强调OrcheStream与其他萎缩的技术表演者的对比。“零售电子商务公司在销售和营销上花费很多，但没有得到预期的结果，”他说。“我们的信念是互联网基础设施是未来12个月的最佳价值。”

克里斯托弗喷雾，阿特拉斯风险

在37家电子商务公司中，克里斯托弗喷涂和他在阿特拉斯州的合作伙伴的赌注是欧洲最具侵略性的互联网投资者之一。他们的行动于1997年在伦敦开业，在北部的荷兰开发的地图集，在20世纪80年代中期，在荷兰开放，在波士顿和硅谷开设办事处，这一行动取得了历史。"After the huge growth in the U.S. Internet sector, we made a bet that the same thing would happen here," says Spray, 44. The senior principal in charge of group strategy, Oxford-educated Spray moved to London from Boston in 1998 and has since overseen $500 million of European Net investments. Overall, between Europe and the U.S., the 20-year-old Atlas has stakes in 120 companies, which often become suppliers to and customers of one another.

Orchestream, a London-based producer of software that integrates broadband, fixed line and wireless communications systems with the Internet, returned roughly eight times Atlas's original investment of $3.1 million when it went public in June. On average the five European Internet portfolio companies in Atlas's portfolio that have been listed "produced a 100 percent-plus gain," says Spray, an opera lover with a degree in English literature and an MBA from the elite Insead school in Paris.

不幸的是,阿特拉斯discredite被曝光d e-retailing sector through Clickmango.com, a health and beauty products site that ceased operations in September after Atlas refused to grant a bridge loan. Spray says he has "no regrets about funding the project and no sense of defensiveness about the decision to stop." He adds: "Both the competitive outlook and the prospect of sharing further funding for Clickmango changed after the March drop in Internet share prices. The worst thing you can do in technology markets is to continue laboring on in the same old way in an environment that has changed. That's understood in Wall Street and Silicon Valley but not yet in London." Having raised a $750 million fund for Internet and technology investments in February - the firm's second with a significant European e-business component - Atlas shows no sign of retreating.

Benjamin Tompkins，Broadview International

关于交易规模和声望的实力 - 特别是，收购法国企业集团Vivendi的交易 - Broadview International明确跻身欧洲顶级技术并购顾问。其成就承担了本杰明汤斯邮票，该公司是一家35岁的伙伴，并统治内容王。“他是唯一一个互联网内容提供商知识的唯一合并和收购专家之一，”来自凸起的壁垒公司的竞争对手说。“他可以做的不仅仅是执行交易。他可以识别谁应该与谁联系，这可以增强客户的地理覆盖，市场渗透率和跨平台交付能力。”

TOMPKINS通过1993年的美国技术杂志出版商ZIFF DAVIS获得了他的第一次瞥见了新兴的互联网部门。当时，英国出生的Tompkins在纽约精品公司亨利·安斯巴赫＆Co.的纽约精品公司亨利·安斯巴赫＆Co.致敬。他加入Broadview并致力于传统技术和媒体交易，直到1998年，当时他赢了授权开始建立Vivendi的那些小型互联网单位，以9.55亿美元购买Cendant Corp.的互动软件部门。今年，他通过安排销售美国的竞争对手的声誉，以伦敦为基础的广告服务战利品，这是一个电子黄页目录，其中Vivendi股权为22.4％，e300万（2.58亿美元）。这发生于7月，Tompkins七个月后，在ScoT.com和Vivendi之间关闭了e500万合资企业协议。他还在4月份购买了

美国在线游戏网站PrizeCentral.com由Vivendi的Havas互动子公司，他预计在Vievendi宣布的互联网门户网站上宣布了与U.K.的沃达丰集团的合资企业的互联网门户。

Outside the Vivendi axis, Tompkins and his eight partners advised the German auction company Ricardo.de in its negotiations to be acquired by troubled QXL.com for $280 million, and E*Trade Group in its June purchase of the 64 percent of its U.K. subsidiary that it didn't already own. (That transaction's value was not disclosed.) "We offer more than other M&A bankers because we are truly hooked into the market," says Tompkins, who was trained as a barrister at Lincoln's Inn in London and who hang-glides in his spare time. "We can advise our clients on the best way to build a business long term."